NextPlat Corp reported its financial results for the second quarter of 2025, revealing a net loss of $1.8 million, a significant improvement compared to a net loss of $10.7 million in the same period last year. Revenue for the quarter totaled $13.2 million, down 22% from $17.0 million in the prior year, primarily due to a decline in healthcare operations. The company's gross profit also decreased to $2.9 million, resulting in a gross margin of approximately 21.8%, down from 34.5% in the previous year.
In the first half of 2025, NextPlat's total revenue was $27.8 million, a 19% decrease from $34.5 million in the first half of 2024. The decline was largely attributed to a $7.5 million drop in healthcare revenue, which was partially offset by a $0.8 million increase in e-commerce revenue. The company reported a gross profit of $6.3 million for the six-month period, with a gross margin of 22.9%, down from 31.1% in the same period last year.
Strategically, NextPlat has made significant moves, including the acquisition of Outfitter Satellite, Inc. in April 2024, which aims to enhance its satellite-based connectivity services. The company operates two main e-commerce websites and 25 third-party storefronts, serving a diverse customer base. As of June 30, 2025, NextPlat had approximately 25.96 million shares outstanding and a cash balance of $16.6 million, down from $19.96 million at the end of 2024.
Operationally, the company has seen a decrease in pharmacy prescriptions filled, which fell to approximately 91,000 in the second quarter of 2025 from 133,000 in the prior year. This decline was influenced by changes in provider relationships and patient flow due to insurance network adjustments. The company has also implemented cost reduction measures to improve operational efficiency and preserve liquidity, including optimizing delivery processes and renegotiating vendor agreements.
Looking ahead, NextPlat's management remains focused on maintaining adequate liquidity to support ongoing operations and strategic objectives. The company is exploring various options for diversifying its business operations, including potential joint ventures and collaborative structures. Despite the challenges faced in the healthcare segment, the company is optimistic about its e-commerce growth and the impact of its recent acquisitions on future performance.
About NextPlat Corp
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